Obama Discloses Assets Valued at Between $2.8 Million and $11.8 Million

By Mike Dorning and Roger Runningen -
May 17, 2011

President Barack Obama and first lady
Michelle Obama held total assets of between $2.8 million and
$11.8 million last year and reported no debt, according to
federal financial disclosure forms released yesterday.

The president’s assets were concentrated in U.S. Treasury
obligations, an investment posture that would leave him
financially vulnerable if he and congressional leaders can’t
agree on raising the U.S. debt limit in time to avoid a default.

Obama reported holding between $1 million and $5 million in
U.S. Treasury bills and between $1 million and $5 million in
Treasury notes, according to the forms, which give ranges of
value rather than specific amounts. Treasury bills have
maturities of one year or less; Treasury notes have maturities
of between one and 10 years.

The disclosure forms reveal that Obama’s holdings grew from
2009, when he reported assets of between $2.3 million and $7.7
million. The growth mostly comes from an increase in the
valuation of the Treasury notes from 2009.

Treasuries returned 5.88 percent last year, the best
returns since 2008, according to Bank of America Merrill Lynch’s
U.S. Treasury Master Index data. The financial disclosure did
not include performance data on the president’s portfolio.

The president’s tax return for 2010, released April 18,
showed that he had a total adjusted gross income of $1.7 million
and paid $453,770 in federal income taxes. Most of his income
came from royalties paid on his books -- “Dreams From My
Father,” a memoir, and “The Audacity of Hope,” which outlines
his political philosophy.

Biden’s Disclosure

Vice President Joe Biden and his wife, Jill Biden, reported
assets of between $241,000 and $894,000 in mutual funds, life
insurance and certificates of deposit. The Bidens’ largest asset
is a residential rental property in Wilmington, Delaware, valued
between $100,000 and $250,000.

The vice president and his wife reported debts of between
$160,000 and $450,000, the largest of which is a home equity
line of credit from the Wilmington Savings Fund Society on which
they owed between $100,000 and $250,000.

Neither Obama nor Biden, 68, reported retaining any gifts
for personal use during 2010. They are required to report on the
financial disclosure forms only those gifts they retain that are
valued at more than $335. In most cases, the president and the
vice president accept gifts on behalf of the U.S. government and
the items are turned over to the National Archives, rather than
kept for personal use.

The financial disclosure forms for federal office-holders
do not include the value of a primary residence or of a mortgage
on a primary residence.

Disclosures from other members of the administration who
are required to file them likely will be released next month,
Bob Bauer, counsel to the president, wrote on the White House
website.